Bitcoin price is on the rise, gaining over 6% in value since yesterday’s trading day to reach a high of $977.52 on the Bitstamp Price Index (BPI) on the first day of February 2017.
Following days of stable trading where bitcoin price steadied around the $920 resistance level, the cryptocurrency is now trading closer to numbers registered toward the end of 2016, when bitcoin pushed toward the $1000 milestone.
At the start of day on January 31, the BPI figures reveal bitcoin trading at the $920 mark, reaching a low of $917.5 for the day. Initial signs of a swell came about during the early hours of the day when price rose from $920.53 at 07:00 to $934.16, an hour later. Price plateaued briefly before rising again from $934.37 an hour before midday to $953 at 15:00. The day finished with trading at $963.99 at midnight.
Since then, prices have stuck near that figure, scaling a high of $977.52 around 09:00 today.
At the time of publishing bitcoin is trading to the dollar at $967.51.
Global Tensions Arise
The surge coincides with statements from Donald Trump’s foremost trade advisor accusing Germany, Europe’s largest economy, of currency exploitation. German chancellor rejected the notion in an ongoing verbal spar between officials from the two economic heavyweights. Meanwhile, trading among Asian markets took a cautious tone ahead of the US Fed’s regulatory and policy moves – the first since President Donald Trump took office – due to be announced today.
Trump’s sweeping executive order on banning immigrants and travelers from seven predominantly-Muslim nations has seen considerable criticism, leading to wider political uncertainties that has spilled over into the global financial stage. Iran has moved to confirm that it will stop using the US Dollar – widely seen as the global currency benchmark – as its currency of choice in financial and foreign exchange reports.
The uncertain economic climate, coupled with buoyant bitcoin trading in China has seen bitcoin break the $1000 mark in the country, once again in 2017.
Bitcoin price breaks $1000 again in Chinese markets while people are celebrating the Day to Welcome the God of Wealth pic.twitter.com/8gxYQvvX0n
— cnLedger (@cnLedger) February 1, 2017
Any proposed moves by Trump to tax remittance or trade with Mexico, China or other countries is certain to increase interest in bitcoin as the cryptocurrency embraces its duality as a store of value asset in times of economic upheaval and political uncertainties.
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All time references are in Coordinated Universal Time (UTC).
Image from Shutterstock. Chart from BitcoinWisdom.